Under Ohio agency law, listing agent Murphy receives a lowball verbal offer from a potential buyer. Murphy believes the offer is too low and not worth presenting. Under ORC Chapter 4735, what must Murphy do?
Correct Answer
A) Present the offer to the seller because agents must present all offers regardless of amount
Under ORC §4735.67, Ohio listing agents must present all offers to the seller, including those the agent considers unreasonable. The seller has the right to decide whether to accept, reject, or counter any offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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